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Webull reports another strong quarter of growth, marked by record trading volumes and strong net deposits despite challenging market environment. Webull will continue to invest behind strategic priorities, including enhanced offerings for its active traders user base, international expansion to export the U.S. retail experience globally and continued adoption by institutional investors and B2B partners
ST. PETERSBURG, Fla., May 22, 2026 /PRNewswire/ -- Webull Corporation (NASDAQ: BULL) ("Webull" or the "Company") today announced financial and operating results for the first quarter ended March 31, 2026.
"I'm proud to report a strong start to our second year as a public company and meaningful progress in enhancing, expanding and extending our leading-platform for self-directed active traders," said Anthony Denier, Group President and U.S. CEO of Webull. "We continue to innovate in AI, including beta-testing for our Vega Analyst, which will bring comprehensive research reports to our users, as well as launching agentic trading solutions on Webull. Our geographic expansion continues at a rapid pace, and we now have the license to operate across the European Economic Area, and we are deepening our presence in other markets across the globe. The demand from sophisticated, self-directed investors, including institutional and B2B clients, has never been greater and we are proud to be the platform of choice for our users and are committed to continuously improving the user experience while broadening our reach."
"Webull continued to deliver in the first quarter of 2026, recording strong revenue growth and our sixth consecutive quarter of profitability on an adjusted basis," said H.C. Wang, Chief Financial Officer of Webull. "We will continue to invest behind key growth drivers to further power our platform while prioritizing diligent execution and capital allocation priorities, including returning capital to shareholders through our previously announced share repurchase program."
First Quarter Results
Financial Results
Total revenues increased 36% year-over-year to $159.9 million. Trading-related revenue increased 36% year-over-year. Total operating expenses increased 68% year-over-year, primarily driven by higher marketing and branding expenses, brokerage and transaction costs reflecting rapid growth in trading volumes and product expansion, and increased share-based compensation expense. Adjusted operating expenses increased 64% year-over-year to $145.1 million. Loss before income taxes totaled $12.8 million for the quarter, compared to income before taxes of $19.5 million for the prior year comparative quarter. The decrease of $32.3 million in income was primarily due to increased share-based compensation expense, marketing and branding expenses and continued investment in our product and global expansion efforts. Adjusted operating profit totaled $14.8 million for the quarter, compared to $28.7 million for the prior year comparative quarter. Adjusted operating profit per share – basic and diluted was $0.03, compared with a basic and diluted adjusted operating profit per share of $0.21 and $0.06, respectively, in the prior year comparative quarter1. Net loss attributable to the Company was $21.7 million for the quarter, compared to $13.1 million of net income for the prior year comparative quarter. Adjusted net income decreased to $9.2 million for the quarter, compared to $21.3 million for the prior year comparative quarter. Net Loss per ordinary share – basic and diluted was $0.04 per share, compared to basic and diluted loss per ordinary share of $0.06 per share for the prior year comparative quarter[1].[1] The first quarter year-over-year decrease in basic and diluted net loss per ordinary share and adjusted operating profit per share was primarily driven by the conversion of our preferred stock into ordinary shares upon the closing of our business combination transaction with SK Growth Opportunities Corporation in April 2025, which had the effect of increasing our weighted-average shares outstanding. |
Operating Results
Customer assets totaled $24 billion, representing 90% year-over-year growth, driven by strong net deposits which grew 91% year-over-year despite a challenging market environment.Registered users increased 15% year-over-year to 27.6 million users. Funded accounts increased to 5.1 million, representing 8% year-over-year growth. Equity notional volume grew to $261 billion, representing a 104% year-over-year increase and an increase of 9% from the previous quarter. Options contracts volume grew to 159 million, a 31% year-over-year increase and an increase of 3% from the previous quarter. DARTs increased to 1.3 million, representing 42% year-over-year growth.
Company Highlights
Developed Pattern Day Trader ("PDT") infrastructure to be well-positioned for the increase in active trading expected from FINRA's PDT rule change taking effect on June 4, 2026. In April, FINRA approved Webull Securities US for self and correspondent clearing, marking a pivotal step toward long-term cost savings and operational scale. This approval lays the groundwork for further growth by offering clearing services to institutional partners. Received permission to operate in all of the countries in the European Economic Area and launched the Webull App in Germany. Successfully developed and deployed Model Context Protocol (MCP) infrastructure functionality within Webull's trading platform, establishing a secure, scalable foundation for integrating third-party agentic AI platforms. Began initial rollout of AI-enabled research analyst tool, bring comprehensive research reports to platform users.Conference Call Information
Webull will host a conference call to discuss its results at 5:00 p.m. E.T. today, May 21, 2026. The conference call can be accessed at https://event.choruscall.com/mediaframe/webcast.html?webcastid=GOLJRG6O or participants may dial 1-844-744-1431 (U.S.) or 1-412-564-6518 (international).
Following the call, a replay and transcript will be available on the Company's website at www.webullcorp.com/investor-relations, as well as the earnings press release and accompanying slide presentation.
About Webull Corporation
Webull Corporation (NASDAQ: BULL) owns and operates Webull, a leading digital investment platform built on next-generation global infrastructure. Through its global network of licensed brokerages, Webull offers investment services in 15 markets across North America, Asia Pacific, Europe, Africa, and Latin America. Webull serves more than 27 million registered users globally, providing retail investors with 24/7 access to global financial markets. Users can put investment strategies to work by trading global stocks, ETFs, options, futures, fractional shares, and digital assets through Webull's trading platform, which seamlessly integrates market data and information, its user community, and investor education resources. Learn more at www.webullcorp.com. You may also access certain information on Webull and its securities on the website of the U.S. Securities and Exchange Commission (the "SEC") at http://www.sec.gov, where Webull will, among others, be filing reports, such as Reports on Form 6-K and its Annual Report on Form 20-F.
Contacts
For Investors
ir@webullcorp.com
For Media
5W Public Relations
Nicholas Koulermos
Webull@5wpr.com
(212) 999-5585
Use of Non-GAAP Financial Measures
We use adjusted operating profit, adjusted operating profit per share, adjusted net income, and adjusted operating expenses, all of which are non-GAAP financial measures, to evaluate our operating results and for financial and operational decision-making purposes. Adjusted operating profit represents income from continuing operations, before income taxes, excluding share-based compensation expenses, one-time transactions, and other expense (income), net. Adjusted operating profit per share represents adjusted operating profit divided by our weighted average shares outstanding on a basic and diluted basis. Adjusted net income represents net income attributable to the Company, excluding share-based compensation expenses, foreign currency transaction gains and losses, and one-time transactions. Adjusted operating expenses represent total operating expenses, excluding share-based compensation expenses and one-time transactions.
We believe that adjusted operating profit, adjusted operating profit per share, adjusted net income, and adjusted operating expenses help identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that we include in income before income taxes, net income, and total operating expenses. We believe that adjusted operating profit, adjusted net income, and adjusted operating expenses provide useful information about our operating results, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.
Adjusted operating profit, adjusted operating profit per share, adjusted net income, and adjusted operating expenses should not be considered in isolation or construed as an alternative to income before income taxes, earnings per share, net income attributable to the Company, and total operating expenses or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to compare the historical non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted operating profit, adjusted operating profit per share, adjusted net income, and adjusted operating expenses presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.
For more information on these non-GAAP financial measures, please see the table captioned "Unaudited Quarterly Reconciliations of Non-GAAP and GAAP Financial Measures" set forth at the end of this press release.
Definitions
"Customer assets" refer to the sum of the fair value of all equities, ETFs, options, warrants, futures, digital assets and cash held by customers in their Webull brokerage accounts, net of customer margin balances, as of the record date. While customer assets are significantly impacted by mark-to-market valuations of customers' investments and digital holdings, we consider customer assets an important metric as growth in customer assets generally leads to an increase in trading volumes and revenue.
"DARTs" refer to daily average revenue trades, which is the number of customer trades executed during a given period divided by the number of trading days in that period. DARTs provide us information on how active our customers trade. A limitation of this metric is that it does not capture the size of the trade and revenue per trade varies significantly depending on size and type of trades.
"Equity notional volume" refers to the aggregate dollar value (purchase price or sale price as applicable) of trades executed over a specified period of time. Equity notional volume directly drives our equities trading revenue, as we earn payment for order flow or commissions for customers' equities trades based on a percentage of notional value. However, equity notional volume is highly sensitive to market conditions in the short-term which makes predicting our equity trading revenue with precision difficult.
"Funded accounts" refer to Webull brokerage accounts into which the customer has made an initial deposit or money transfer, of any amount, whose account balance (which is measured as the fair value of assets in the customer's account less the amount due from the customer) has not dropped to or below zero for 45 consecutive calendar days as of the record date. Funded accounts reflect unique customers, and multiple funded accounts by a single customer are counted as one funded account. Growth in our funded accounts provides insight as to the effectiveness of our marketing efforts and our ability to acquire monetizable customers. Funded accounts are positively correlated with, but are not determinative, of customer assets, trading volumes, and revenue.
"Options contracts volume" refers to the total number of options contracts bought or sold over a specified period of time. Options contracts volume directly drives our options trading revenue, as we earn payment for order flow or commissions for customers' options trades on a per contract basis. However, options contracts volume is highly sensitive to market conditions in the short-term, which makes predicting our options trading revenue with precision difficult.
"Registered users" refer to those users who have registered on our platform but not necessarily have opened a brokerage account with one of our licensed broker-dealers. Growth in our registered users provides insight as to the popularity of the Webull App. While we do not generate revenue from registered users who do not have brokerage accounts with us, registering an account on the Webull App is the first step toward opening and funding a brokerage account with us.
Webull Corporation | ||||||||
Condensed Consolidated Statements of Financial Position | ||||||||
March 31, 2026 | December 31, 2025 | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ | 677,154,737 | $ | 653,188,906 | ||||
Cash and cash equivalents segregated under federal and foreign requirements | 1,276,042,349 | 1,537,119,275 | ||||||
Receivables from brokers, dealers, and clearing organizations | 499,661,318 | 562,961,145 | ||||||
Receivables from customers, net | 843,830,424 | 708,785,550 | ||||||
Prepaid expenses and other current assets | 53,774,736 | 50,208,272 | ||||||
Customer-held fractional shares | 174,696,145 | 172,309,953 | ||||||
Total current assets | 3,525,159,709 | 3,684,573,101 | ||||||
Right-of-use assets | 63,793,434 | 64,357,655 | ||||||
Property and equipment, net | 37,032,857 | 35,894,855 | ||||||
Intangible assets, net | 54,912,666 | 55,434,567 | ||||||
Goodwill | 30,264,138 | 30,264,138 | ||||||
Deferred tax assets | 1,319,263 | 9,346,987 | ||||||
Other non-current assets | 1,000,000 | 1,000,000 | ||||||
Total non-current assets | 188,322,358 | 196,298,202 | ||||||
Total assets | $ | 3,713,482,067 | $ | 3,880,871,303 | ||||
Liabilities and shareholders' equity | ||||||||
Payables due to customers | $ | 2,504,723,555 | $ | 2,667,837,626 | ||||
Payables due to brokers, dealers, and clearing organizations | 3,611,459 | 3,481,115 | ||||||
Lease liabilities - current portion | 3,319,483 | 3,611,195 | ||||||
Accounts payable and other accrued expenses | 97,114,181 | 102,183,377 | ||||||
Total current liabilities | 2,608,768,678 | 2,777,113,313 | ||||||
Lease liabilities - non-current portion | 8,189,194 | 8,911,821 | ||||||
Unsecured promissory notes | 65,000,000 | 65,000,000 | ||||||
Deferred tax liabilities | 13,301,770 | 13,366,222 | ||||||
Total non-current liabilities | 86,490,964 | 87,278,043 | ||||||
Total liabilities | 2,695,259,642 | 2,864,391,356 | ||||||
Commitments and Contingencies | – | – | ||||||
Shareholders' equity | ||||||||
Class A ordinary shares ($0.00001 par value; 4,000,000,000 shares authorized, | 4,468 | 4,396 | ||||||
Class B ordinary shares ($0.00001 par value, 1,000,000,000 shares authorized, | 839 | 839 | ||||||
Treasury shares (914,485 and 1,124,485 shares as of March 31, 2026 and December 31, | – | – | ||||||
Additional paid in capital | 3,210,754,470 | 3,192,952,827 | ||||||
Accumulated deficit | (2,199,912,575) | (2,178,189,845) | ||||||
Accumulated other comprehensive income | 7,207,133 | 1,524,496 | ||||||
Total shareholders' equity | 1,018,054,335 | 1,016,292,713 | ||||||
Noncontrolling interest | 168,090 | 187,234 | ||||||
Total equity | 1,018,222,425 | 1,016,479,947 | ||||||
Total liabilities and total equity | $ | 3,713,482,067 | $ | 3,880,871,303 | ||||
Webull Corporation | ||||||||
Unaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income | ||||||||
For the Three Months Ended | ||||||||
2026 | 2025 | |||||||
Revenues | ||||||||
Equity and option order flow rebates | $ | 84,392,839 | $ | 64,111,182 | ||||
Interest related income | 40,050,378 | 31,140,064 | ||||||
Handling charge income | 26,412,742 | 17,547,010 | ||||||
Other revenues | 9,072,057 | 4,570,579 | ||||||
Total revenues | 159,928,016 | 117,368,835 | ||||||
Operating expenses | ||||||||
Brokerage and transaction | 38,393,140 | 23,245,456 | ||||||
Technology and development | 23,860,822 | 16,924,892 | ||||||
Marketing and branding | 49,411,166 | 22,991,038 | ||||||
General and administrative | 50,641,443 | 33,620,720 | ||||||
Total operating expenses | 162,306,571 | 96,782,106 | ||||||
Other expense (income), net | 10,432,161 | 1,089,417 | ||||||
(Loss) income before income taxes | (12,810,716) | 19,497,312 | ||||||
Provision for income taxes | 8,927,156 | 6,558,225 | ||||||
Net (loss) income | (21,737,872) | 12,939,087 | ||||||
Related | ||||||||
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